Macro analysis:
Russel 2000 is losing the little support it has left here. Below is a lof of inefficiency, and the next serious support is around the 1600 level. Doesnt look good for small caps
Russel 2000 is losing the little support it has left here. Below is a lof of inefficiency, and the next serious support is around the 1600 level. Doesnt look good for small caps
Note
An obvious weekly close below the last lows creates a lower low which indicates continuation of the donwtrendNote
Analyze played out perfectlyNote
For now, these are key area's. The resistance Russel is moving towards to challenge the last weekly high, which is at the same level as the range low of the long consolidation of the last yearAt the bottom of the last low a solid consolidation is formed, which could act as support if this plays out. It's still a bear market though, so if Russel doesn't keep that zone it will find it's way to the next new low
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.